The global laboratory informatics market is expected to grow significantly over the forecast period. It is anticipated that the market would held a valuation of USD 3.87 billion by 2030 and is projected to register a CAGR of 7.89% over the forecast period.
The increasing participation of key players is one of the key factors driving the laboratory information system market. In 2018, Sysmex Corporation, Japan-based company, launched a new network solution Caresphere. The solution is designed to provide new value through the intelligent use of information by people involved in testing and healthcare.
Various other factors such as the increase in adoption of cloud-based platforms by CROs, increasing preference towards personalized medicine, untapped emerging markets, rise in regulatory approvals, and rising R&D in the field of medicine are also expected to propel the growth of the market.
However, high maintenance and service costs can hamper market growth over the forecast period.
The global laboratory informatics market is segmented based on product, component, deployment model, end user, and region.
The global market for laboratory informatics, by product, is segmented into Laboratory Information Management Systems (LIMS), Chromatography Data Systems (CDS), Electronic Lab Notebooks (ELN), Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Laboratory Execution Systems (LES), Enterprise Content Management (ECM), and Scientific Data Management Systems (SDMS). The Laboratory Information Management Systems (LIMS) segment is further classified as broad-based LIMS and industry-specific LIMS.
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Based on component, the market is segmented into software and services.
Based on the deployment model, the market is segmented into on-premise models, cloud-based models, and remotely hosted models.
Based on end user, the market is segmented into life sciences companies, CROs, environmental testing laboratories, and others. The CROs segment is expected to witness the fastest growth over the forecast period due to increasing adoption by outsourcing companies to reduce healthcare costs.
Some of the key players in the global laboratory informatics market are Agilent Technologies, Inc., Abbott Laboratories, Accelerated Technology Laboratories, Cerner Corporation, Dassault Systèmes, IDBS, KineMatik, Lablynx, Inc., Labvantage Solutions, Inc., Autoscribe Limited, Labware, Labworks LLC, McKesson Corporation, Thermo Fisher Scientific Inc., Perkinelmer Inc., Waters, and others.
In the current scope of the study, the segments mentioned above are covered into the four global regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East and African region.
The laboratory informatics market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European laboratory informatics market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The laboratory informatics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The laboratory informatics market in the Middle East & Africa has been segmented into the Middle East and Africa.